- OWI Partners will invest USD 5 billion, showing interest in land development projects, energy, and agriculture –

Panepinto Global Partners will invest USD 1 billion in urban development projects within IFEZ

Mayor Yoo Jeong-bok of Incheon Metropolitan City has received interest from global investment firms for large-scale investments. 

<Mayor Yoo Jeong-bok receives an investment letter of intent from Rabelin Tchoumi, Chairman of OWI Partners, at the Pullman Hotel in Paris, France, on Feb. 26 (local time)>

<Mayor Yoo Jeong-bok receives an investment letter of intent from Joseph Panepinto Jr., President of Panepinto Global Partners, at the Pullman Hotel in Paris, France, on Feb. 26 (local time)>

According to the Incheon Free Economic Zone Authority on Feb. 27, the total investment intentions of these two investment firms amount to USD 6 billion.

Mayor Yoo received investment letters of intent of USD 5 billion and USD 1 billion, respectively, from One World Impact (OWI) Partners based in the UK and Panepinto Global Partners, a real estate development company based in the US, during his visit to Paris, France on Feb. 26 (local time).

Mayor Yoo first met with Rabelin Tchoumi, Chairman of OWI Partners, and received a letter of intent for a USD 5 billion investment in several fields, including large-scale land development projects, energy, and agriculture, within Incheon.

Chairman Tchoumi leverages networks in Africa and the Middle East to engage in various asset management and commodity-related investments. The letter of intent was submitted in response to OWI Partners' inquiries about funding large-scale government-led projects in Incheon.

Joseph Panepinto Jr., President of Panepinto Global Partners, also submitted an investment letter of intent to Mayor Yoo. Panepinto Global Partners expressed their intention to invest USD 1 billion in urban development projects within the Incheon Free Economic Zone (IFEZ), encouraging Incheon's active cooperation.

Panepinto Global Partners, a real estate development company based in New Jersey, US, has been involved in various development projects on landfill sites adjacent to Manhattan in New York City. The company has consistently shown interest in investing in IFEZ.

Panepinto Global Partners established a special purpose corporation in 2016 and proposed the Ganghwa Human Medicity Development Project for two years until 2018. Despite the deposit of USD 5.5 million in capital and the declaration of USD 100 million in foreign direct investment, the project was halted due to the conversion of the Yeongjong-Ganghwa Bridge construction into a public project.

The Incheon Metropolitan Government, since the inauguration of the 8th local government administration, has been in continuous discussions with Panepinto Global Partners to resume investment attraction projects and has finally received a letter of intent.

Mayor Yoo said, “In the process of transforming Incheon into a first-class city, we expect that globally renowned investment firms with diverse experience in development projects will play a certain role. I express my gratitude for the submission of the letters of intent and vow to provide the best support to ensure that it leads to substantial investment projects.”